"licensee" - 1 õppematerjal

Investors Handbook. A Legal Guide to Business in Georgia

the rights granted under the license or any part of it to a third person on lease or by ownership. This excludes the license of use regarding the resources of Georgia's continental shelf in the Black Sea, which may be transferred only with the consent of the Government of Georgia. Monitoring fulfillment of the license/permit terms The licensor monitors the fulfillment of the license/permit terms by means of a selective inspec- tion or/and through regular reports from the licensee. Unless otherwise stipulated by the law, the licensor is authorized to undertake monitoring of ful- fillment of the license/permit terms only once during a calendar year. Responsibility for the violation of the license terms The licensee is responsible for meeting the obligations taken upon obtaining the license. The licensor monitors the fulfillment of these obligations by the licensee. In the case of non-fulfillment of the license terms, the licensee shall be penalized and given a